가계의 적립식펀드와 거치식펀드 투자 행동

Abstract

Mutual fund is one of the most popular investment vehicles in Korea. So far, research on mutual fund investment has been mainly conducted at macro level with macro data on market trends, national accounts, and industry outlook. Not many research has dealt with mutual fund investment decision making at individual or household level. The purpose of this research is to examine household mutual fund investment behavior using the [2007 Investor Survey] conducted by Korea Investors Education Foundation. Especially, this research compares those who invest in mutual funds by Dollar Cost Averaging (DCA) method and those who utilize Lump Sum (LS) method. In addition, this research compares conservative investors and aggressive investors among the DCA investors. The results showed that the DCA investors have different demographic, socioeconomic, and psychographic characteristics from the LS investors. Those who younger tend to invest in mutual funds with DCA methods while those who older tend to use LS method. Those who has higher levels of household assets tend to use LS method. Among psychographic characteristics, investment horizon, expectations on future income, and money attitudes were different between DCA investors and LS investors. The results from the logistic regression showed those who are younger, female, have jobs, and have lower levels of household assets were more likely to be DCA investors than LS investors when other factors are equal. Among the DCA investors, conservative investors have different psychographic characteristics from aggressive investors. Especially the financial risk tolerance level were different between the two groups. Conservative investors have lower levels of financial risk tolerance than aggressive investors. The results from this research could provide practical implications for financial professionals.